ENA is showing resilience in the crypto market, contrasting with Bitcoin’s (BTC) weaker performance. Over the past day, the price of ENA has gained 6.50%, with trading volume increasing by 53.88%. At writing, the asset is priced at $0.4506. Meanwhile, Bitcoin appears stagnant, leading some analysts to focus on ENA’s price action instead.
Market observers have shared their perspectives on ENA’s momentum. Crypto expert Altcoin Sherpa acknowledged the coin’s strength but expressed a cautious approach, preferring to wait before making a move. Another top analyst, Cryptomannn, stated that among all assets, ENA is the only one that appears favorable at the moment. These insights align with technical indicators suggesting that ENA’s price may be at a key inflection point.
What you'll learn 👉
Technical Indicators Show Ethena Strength
ENA’s price movement has gone through multiple phases, including a downtrend followed by a period of consolidation. The asset found support at lower levels before beginning an upward push. The price is testing a key resistance zone that could determine if the breakout continues.
The 200 EMA sits above as longer-term resistance. The 100 EMA previously acted as dynamic resistance, while the 50 and 20 EMAs are offering short-term momentum signals. Breaking above these indicators has led to increased buying interest.
Volume is up during the latest price surge. If the price of ENA breaks above resistance with strong volume, it might confirm an uptrend. If not, we could see a pullback.
Bitcoin Weakness Shifts Market Focus to Ethena
Bitcoin has been slow lately, pushing traders toward alternatives like ENA. Cryptomannn noted there aren’t strong trading signals for BTC right now. This might be why more people are watching Ethena’s price.
While Bitcoin is still the biggest crypto, its sideways movement has traders looking elsewhere. The difference between Bitcoin’s slow performance and ENA’s recent strength has become a hot topic.
Read Also: Expert Who Predicted Bitcoin (BTC) Last Bull Run Calls Rally to $120K—When to Buy the Dip
Ethena Key Resistance and Support Levels to Watch
ENA is approaching a major resistance level that has historically been difficult to break. If the price moves past this zone with high volume, it could signal more upside. If the breakout fails, ENA’s price might fall back to the consolidation range.
Support levels remain critical for traders monitoring potential retracements. The lower boundary of the previous range has served as a strong demand zone, preventing further declines. Short-term EMAs could also act as dynamic support if the price experiences temporary pullbacks.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
